How It Works
collectID - transparency through technology
Almost three trillion dollars worth of goods are being counterfeited every year and consumers are increasingly facing the risk of buying fake products instead of authentic ones. This unfortunate reality causes consumers to lose confidence in brands and makes it nearly impossible for them to sell their items on the secondary market.
collectID solves this problem for both brands and consumers by combining blockchain and IoT technology, providing a secure product authentication ecosystem
How it works
Products get equipped with secure collectID NFC tags which provide a unique, secure message that changes with each interaction, which makes it impossible to duplicate the tag. This creates a dynamically encrypted and unique identity for each product. This identity is then assigned to its owner, tokenized, and stored on the blockchain. Thanks to the immutability of the blockchain, the collectID ecosystem is a truly tamper-proof solution that removes the financial incentives and scalability of selling counterfeit products.
With collectID there is even more
Brands can place their messages directly on the product and increase customer engagement by extending the shopping experience. For the first time in history, brands earn money from secondary trading. Additionally, they receive detailed data and analytics about resale markets and their customers. In other words, brands turn their products into a communication and sales channel, all while guaranteeing the authenticity of their products.
How users interact with the collectID ecosystem
Users can check the authenticity of a product with a simple tap with of smartphone and register ownership via the collectID app. Products appear in users’ personal blockchain-backed wallet where they can build up their own collection. This makes theft prevention and insurance processing cost-efficient and easy. Additionally, users can safely transfer ownership of an item via the collectID app.